Banking

A new banking code coming into effect means banks have to be more upfront about fees.

They can also no longer charge financial advice fees for no service or earn commissions on mortgage insurance.

Banks are also no longer able to sell insurance when providing customers with personal loans or credit cards.

Australian banks will be held to a higher standard as a fresh code of practice kicks in on Monday. Credit: AAP

There are a number of changes around credit cards, including no longer offering unsolicited credit limit increases, providing reminders when introductory rates and offers end on cards and offering low and no fee accounts.